Life has never been easier thanks to access to endless amounts of products and services made possible through the internet. You can purchase everything from household goods to electronics to clothing all with just a few clicks on your computer or mobile device, with the possibility of having it arrive at your front door.
Unfortunately, this great convenience has a downside: many consumers spend more than they had planned on their purchases due in part to the ease of clicking their way through an online shopping experience.
Many consumers end up paying much higher prices than anticipated for their online purchases by not utilizing discounts that could have applied to their purchases and, even more commonly, by making impulse purchases that they could have avoided.
Don't get me wrong? there are no shortcuts to saving money on your online purchases, but there are some relatively simple changes you can make to your shopping habits that can ultimately result in significant long term savings.
Here are seven ways you can maximize your online shopping experience and keep more of your own money.
1. Always Compare Prices Before Buying
This is a major mistake that people who shop online tend to make—buying something from the first place they see it at. The reality is, many of the same products sold at totally different prices can be found all over the internet.
The best thing you can do to avoid paying too much on your online purchases is to take a few minutes and compare prices on different sites prior to completing your purchase. By establishing this process as a regular habit, you'll not only be able to locate better prices, but also find alternative sites to purchase items from that offer free shipping or longer warranties.
Those few minutes of research prior to promptly purchasing your item will typically save you much more money than you would have thought.
2. Create a Waiting Period for Non-Essential Purchases
Shopping online is much easier for impulse buying than when shopping at a physical store. Retailers use tricks to assist in your purchasing decisions like flash sales or countdown timers, and when items are available only in limited quantities.
Taking 24 to 48 hours to wait before you buy a non-essential item gives you the ability to think about whether you actually need the item or you simply want to buy it right now.
Many people who take time to think about their purchases find that they no longer want to purchase the item because their interest or excitement faded after a few days.
3. Buy When Retailers Hold Sales
Retailers typically have major shopping events and seasonal holiday sales at which they often provide hefty discounts on your purchases. You may want to take advantage of these sales to save money when you want to make significant purchases.
Black Friday
Cyber Monday
End of Season Sales
Holiday Sales
Back to School Sales
Before making any immediate purchases, you may want to create a wish list of items to buy, what the prices are now, and then wait until a major sale to buy the item.
4. Read Reviews Carefully
When it comes to value, the lower the price does not always mean that it will be a better value for you. If you purchase a poorly constructed item, you will incur a loss in replacing the item (with its accompanying shipping/handling charges) or have more hassle to contend with if the product has to be returned.
Prior to purchase, spend some time reading what current customers have said about the product including both pros and cons. In particular, take note of similarities in customer comments regarding product quality (how long did the customer receive and use the product) and durability (did the item break/last).
By making better informed purchasing decisions, you can help preserve your finances and achieve long-term value from your purchases.
5. Watch Out for Hidden Costs
The price that is advertised may not be the amount that you will actually pay for the product. Frequently, additional charges like shipping costs, taxes, handling fees and optional extras will increase your total price a great deal over what you first thought.
Before completing any order, it is important to check the final order confirmation page. Many times what appears to be an inexpensive item will look much less desirable once the above-mentioned items are added to it.
When you know all costs for an item, you can make a much more accurate comparison between retailers.
6. Use Shopping Lists and Budgets
Due to the design of online stores, many times you'll be encouraged by recommendations from retailers to purchase additional items such as "related products" or "products that are frequently sold together."
Making a shopping list prior to browsing will keep you on track so that you only purchase what you actually need. A shopping budget will limit your ability to spend more than you can afford.
Developing discipline in your purchasing will allow you to experience the ease of shopping online while still maintaining focus on your financial goals.
7. Be Selective When Subscribing
Many companies provide particular discounts and exclusive deals to email subscribers. Although these offers can be beneficial, if you sign-up for too many newsletter subscriptions you will expose yourself to a continuous flow of marketing messages that can cause you to spend more than necessary.
Only subscribe to a few companies (no more than 10) with which you are very familiar, where you frequently shop. This enables you to receive benefit from the many valuable offers they provide, while also giving you less temptation to purchase items for an impulse.
For the best return send more value from fewer quality subscriptions.
Conclusion
Saving money when buying things online is not about not buying. It is about making informed choices when buying items; comparing various choices; and resisting impulse purchases
Simple habits such as price comparisons; delaying purchases; and reading product reviews; and being aware of hidden costs, will ultimately help you save money over time.
Successful shoppers don't necessarily pay the least for products, but rather they consistently make informed decisions regarding their purchases. Following these methods, you are able to take advantage of shopping online and to ensure that every time you shop you are getting a true value for your money.